Federal Reserve Bank of Richmond Reviews | Glassdoor

Federal Reserve Bank of Richmond Reviews

Updated November 13, 2017
71 reviews

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3.4
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Federal Reserve Bank of Richmond Interim President and Chief Operating Officer Mark Mullinix
Mark Mullinix
2 Ratings

71 Employee Reviews

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Pros
Cons
  • Not innovative due to a lot of "process" requirements and red tape (in 5 reviews)

  • However, the work / life balance is getting better and better due to the leveraging of telecommunications (in 3 reviews)

More Pros and Cons

  1. "FRB Richmond"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    Great work- life balance,

    Cons

    A little too much bureaucracy


  2. "Culture Change"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Negative Outlook
    No opinion of CEO

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    Great Benefits, Training and Education, Compensation

    Cons

    Zero Tolerance policy; no warning or disciplinary action taken before being terminated

  3. "Proceed with caution"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Awesome benefits and great facilities

    Cons

    Lot's of diversity and inclusion issues. If you go against the status quo, you will not succeed in this company.

    Advice to Management

    Walk the talk, stop social promotions and hire qualified candidates. Too many unqualified individuals are hired and promoted. This sends a bad message to all employees.


  4. "Great Organization depending on department"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Law Enforcement Officer in Richmond, VA
    Former Employee - Senior Law Enforcement Officer in Richmond, VA
    Approves of CEO

    I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    The Federal Reserve Bank has the best benefits on the market. The pay is excellent and they use the best technology.

    Cons

    Law Enforcement Unit - The management does not listen to their employees. They pretend to listen but never prevail. The scheduling is horrible and they always staff on the minimum level. They do not care about you as individual. If you are sick or hurt you are made to feel you have to be there or be scared you are going to lose your job.


  5. "Senior Project Manager"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Senior Project Manager in Richmond, VA
    Former Employee - Senior Project Manager in Richmond, VA
    Recommends
    Positive Outlook
    No opinion of CEO

    I worked at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Health, pension and retirement benefits are outstanding - generally superior to other employers in the area

    Cons

    Bureaucracy (established processes and procedures) can be frustrating for moving initiatives forward

    Advice to Management

    Employees tend to remain for long periods of time - this can lead to skill set shortages upon employee turnover.


  6. "Great place for stability and longevity"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - IT Lead in Dallas, TX
    Current Employee - IT Lead in Dallas, TX
    Recommends
    Positive Outlook
    No opinion of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

    Pros

    Great benefits, flexible work options, competitive compensation, wide variety of technical career options, flexible geographical options in the National IT organization centered in Richmond

    Cons

    Slow technology adoption rate, aging workforce, old-school management, National IT organization in transition to a Plan, Build, Run.

    Advice to Management

    Finish the process transition to PBR in National IT. Get better feedback on the district's adoption of the new National IT infrastructure strategy.


  7. "Good work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Senior Bank Examiner in Richmond, VA
    Current Employee - Senior Bank Examiner in Richmond, VA
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 10 years)

    Pros

    Challenging, Professional, Work/Life Balance, Rewarding

    Cons

    Bureaucratic, Travel, Repetitive, limited management opportunity

  8. "A great place to work"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Federal Reserve Bank of Richmond full-time

    Pros

    Intelligent and fun people to work with,
    Strong work life balance,
    Great benefits

    Cons

    Not incredibly competitive pay scale for non-managerial roles,
    Red tape and slow processes,
    A few years behind in analytic tools

    Advice to Management

    Try to open up more to innovative ideas and approaches to problems


  9. "Lead Auditor"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Lead Auditor in Richmond, VA
    Current Employee - Lead Auditor in Richmond, VA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 8 years)

    Pros

    Work life balance, Competitive benefits, Diversity in work and workforce

    Cons

    Lots of layers of management


  10. Helpful (1)

    "Can do better"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    Approves of CEO

    I have been working at Federal Reserve Bank of Richmond full-time (More than 5 years)

    Pros

    Good health insurance and education reimbursement benefits
    Most of the staff are professional and knowledgable
    Flexible telework policies

    Cons

    Salary and promotion inequities exists in many departments
    Unless hired in a senior level or managerial role, there is a "do your time" mentality that limits promotional growth for individuals in the 1-10 years of service range; manager and senior manager roles lack racial and cultural diversity
    Management staff seem to have littel training on how to coach and develop others, many mistake a "do as I say" and "don't ask questions" style for leadership

    Advice to Management

    Consider 360 reviews or surveys to assess organizational performance
    Consider assessing salaries against current scales and contributions


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